Realtor In Colorado – What This Real Estate Market Is Like
According to the latest report from CoreLogic, home prices across the country, including distressed sales, rose 17.2% in June 2021 compared to June 2020, a record high. And while there have certainly been hot selling markets in the past, none of them compare to the current market, where more than 50% of homes for sale exceed the asking price. While sellers may no longer receive offers on weekends, low interest rates and a lack of homes for sale continue to fuel a busy housing market.
As of September 6, only 15 homes were listed for sale at prices ranging from $ 275,000 to $ 460,000, which compares sharply with home prices in the Denver metropolitan area. Homes in the area have sold an average of $ 508,534 over the past six months. Overall, home sales in Colorado Springs nearly doubled from January to August, according to PPAR, from 1,126 at the start of the year to 2,130 last month.
However, the limited supply of homes on the market in Colorado Springs is causing prices to rise faster than inflation. Ironically, the near total absence of negative net worth homes in the Colorado Springs real estate market is credited with being one of the reasons why prices are rising so rapidly. The real estate market in Colorado Springs is facing a severe inventory shortage, with homes for sale 50% less than in the same period last year. Unsold homes rose 3.3% to 1.25 million from May to June this year, according to the National Association of Real Estate Agents.
The average selling price rose 15% over the previous year, while the number of homes sold increased 9.4% in September. The average selling price over the past three months has increased by 12% over the same period last year, demonstrating the aggressiveness of the local property market. Home sales in the Denver metro are down, giving some buyers the chance to enter a highly competitive market for over a year. Earlier this year, contracts for homes were regularly awarded within three to four days of being placed on the market in the metropolitan area, which includes Boulder and Brumfield counties.
This change in pace could be beneficial for both buyers and sellers looking to relocate to the Denver metro area this year, according to the reports. A few specific neighborhoods within the Denver metro also saw similar trends with higher sales, higher home prices and other key market indicators. In the luxury market segment, defined as all properties priced at $ 1,000,000 or more, the Denver Metro saw an impressive 92.4% increase in the number of homes sold in September over the same period in 2020.
In Cherry Creek North, another neighborhood known for its lifestyle and high-priced offerings, the median selling price in the third quarter of this year rose 17.3%, bringing the median selling price of local luxury homes to $ 1,973,392. This helps explain why home prices have risen more than 40% over the past five years, even though it is one of the most vibrant real estate markets in the country. This provides a demographic boost as young people stay here to buy homes and support their families, fueling demand in the Colorado Springs real estate market. Local real estate agents are also forecasting higher house prices due to limited inventories and deferred demand. Consequently, the real estate market in Colorado Springs remains strong and biased towards sellers due to the constant imbalance between supply and demand.
Real estate agents believe Denver will become a market for sellers for the foreseeable future. The real estate market in Colorado is now overshadowed by many factors: peaks in demand, soaring prices, as well as historic lows. These low rates have only stimulated an already tumultuous housing market, so higher rates should help contain demand.
Waiting for the market to recover in the spring may lead to a longer sell-off process, as inventories tend to increase during this period. The best time of the year to buy a house in Colorado Springs is December or January, as our market slows down during the winter months. June is the peak period of our local market, with the highest average selling price throughout the year. The ten-year housing price trend reflects the 10-year average selling price in April 2021.
In Colorado Springs 80916, where the average listing price is $ 318,000, homes on the market received 36% more views than in the same time last year, and typically sell in four overtime days. The second most popular was zip code 14617, which covers the West Irondequite, New York area, where ad views increased 112% year-over-year and homes were sold in just six days. Except for homes ranging from $ 0 to $ 99,000, the most competitive market was in the $ 300,000 to $ 399,999 range.
According to the Pikes Peak Association of Realtors, in the first eight months of 2021, there were over 320 sales valued at over $ 1 million. Colorado Springs Real Estate Has One of America’s Most Popular Real Estate Markets For the second consecutive year, Colorado Springs has been named one of the most popular places to buy a home. The Denvers real estate market has been hectic over the past year and a half, with record inventories and home prices rising month after month.
Cape Cod, part of the “Zoom Cities” (neighborhoods that became popular as more people could work from home) of the housing frenzy that swept through the past year, is starting to see a little respite from growing demand. After real estate agents experienced a relative downturn and seasonal return in July and August, September has returned to normal speed in today’s real estate market.
The average time to market for a house listed in April 2021 is 20 days. We missed the rest time last year, so buyers walked around for more than a year.
Whether it’s rising inventories or stabilizing home prices, some buyers are realizing they may be putting too much on the line and “get electricity back on after they finish the contract,” Miller says. But with the number of homes for sale at historic lows and demand still peaking as buyers pay record prices across Colorado, real estate brokers and veterans alike don’t expect the Zillows sale to have much of an impact. market. Although the company sells all of them mainly to institutional investors. Milford Adams, chairman of the Denver Metro Realtors Association, said he was unaware of a real estate investment fund or other company that had ever sold hundreds of homes on the Denver market in a matter of months.
Our Great Colorado Homes real estate agent is happy to discuss the local market with anyone interested in the local market. We will mainly discuss average house prices, inventory, economy, growth and community, which will help you understand the development of the local real estate market in the area. Now, before we provide you with these statistics, please keep in mind that Denver MLS will not include the entire state. These statistics do not even include new home sales by people using real estate agents, or multiple internal transactions that occur.